Property Preservation

Our Property Preservation Department provides a variety of services ensuring that vacant and abandoned properties are quickly secured and remain adequately protected throughout the default and foreclosure process. Lamb Resources and the Property Preservation Department are committed to helping Lamb Resources's clients timely convey properties to the investor/insurer, through continuous open communication with all parties, and the implementation of creative and effective delay prevention. All personnel undergo extensive training in investor/insurer guidelines to further assure that the work performed is not only timely, but also in compliance with regulatory provisions. Additionally, the Preservation Department has developed a Contractor Management Unit, responsible for ensuring that the contractors hired locally to perform work are knowledgeable in the various investor/insurer requirements and are completing work within agreed upon time frames, in the most cost-effective manner, to help eliminate our clients' out of pocket expenses and potential curtailment penalties.

Please contact us for more information.

For FHA properties, Lamb Resources will follow the FHA property preservation guidelines as stated in the then current Department of Housing and Urban Development Mortgagee Letters. For all other Investors/Insurers or conventional loans, the following general descriptions apply.

Lock Change:

Change locks to a system utilizing one master key or as required by applicable Regulations.

Lock Box (SPI code):

Install a lock box on the property using the SPI code so as to allow access to third parties upon Client direction.

Padlocks:

Install padlock and/or hasp or other similar lock to secure property upon Client instruction.

Slide Bolts:

Install slide bolts and/or other similar lock to secure property upon Client instruction.

Winterization:

Lamb Resources will winterize vacant properties in accordance with Investor/Insurer guidelines or as indicated by Client. A winterization generally involves, unless the applicable guidelines or Client instructions indicate otherwise: (1) draining of all plumbing and heating systems as required; (2) using air pressure to clear the system of water; (3) adding anti-freeze to all traps and fixtures; (4) shutting off water supply to the property; (5) disconnecting the water meter, removing it from the cradle and leaving it on the premises; (6) disconnecting the feed pipe leading to the main water valve and plugging or capping it; and (7) placing tags, labels, warning signs and dates on all items winterized, including Lamb Resources's address and telephone number on the tags and labels. The exact winterization procedures followed may vary by the type of system at the subject property, i.e., dry and wet systems and sump pumps, and by the Applicable Investor/Insurer guidelines. Where a full winterization is not possible due to circumstances existing at a property such as a common water system, a partial winterization will be performed unless the Client otherwise advises. A winterization is not a certification of the plumbing system or a guarantee that no freeze damage has occurred or no freeze damage will occur to the subject property. Lamb Resources will advise the Client of any visible freeze damage actually observed at the time of performance of the winterization. In the winter months, Lamb Resources endeavors to complete winterization services within 24 to 48 hours. Results are updated to Client within 24 to 48 hours of completion, on average.

Winterization Re-check:

Lamb Resources will inspect a winterization previously performed at a property to attempt to ascertain whether it is still effective. Upon instruction, if Lamb Resources finds that the winterization is not in effect, it will winterize the property.

Automobile Removal:

Lamb Resources will remove abandoned vehicles from vacant properties in accordance with Client instructions.

Boarding:

Lamb Resources will board or screen vacant properties in accordance with Client instructions and/or applicable Investor/Insurer guidelines.

Securing of Swimming Pools:

Lamb Resources will secure and winterize swimming pools in accordance with Client instructions and/or applicable Investor/Insurer guidelines.

Debris Removal:

When requested, Lamb Resources will remove all interior and/or exterior debris in accordance with applicable Investor/Insurer guidelines or Client instructions.

Lawn Maintenance:

Upon request, Lamb Resources will maintain the property grounds by mowing, weeding and trimming grass, shrubbery, trees and flower beds, and performing other lawn maintenance. All lawn maintenance is performed accordance with applicable Investor/Insurer guidelines or Client request. When performing lawn maintenance, Lamb Resources will verify that the property is secured in accordance with applicable Regulations and/or Client requirements.

Snow Removal:

Upon request, Lamb Resources will remove snow to the extent required by applicable Regulations or Client instruction.

Convey Maintenance:

For FHA properties, upon request, Lamb Resources will prepare a property for conveyance pursuant to the then current HUD Mortgagee Letter specifying the preservation and protection responsibilities of the servicer.

Special Notes: Unless otherwise stated within the above preservation services description, the following apply:

Standard Completion Time Frames. Please allow 24 to 48 hours to input preservation service results. Lamb Resources uses its good faith efforts to complete all inspection services within the time frame; however, Lamb Resources cannot guarantee that every preservation service will be completed within that time frame. Completion time frames are affected by several circumstances including the location of properties in more rural regions.

Rush Services: Preservation Services may be ordered on a 24 to 48-hour rush basis. Please allow an additional 24 to 48 hours for submission of inspection results.

Contact with Occupants and other Third Parties: Lamb Resources Properties, Inc. is not a debt collector. Preservation Services are provided for the purposes of preserving and protecting the collateral as security and compliance with Investor/Insurer guidelines. Lamb Resources will neither demand nor accept any cash, check, money order, or any other form of payment or consideration, including rent, from any Person. If contact is made with an occupant or third party, it is Lamb Resources's policy that it will not discuss, mention or allude to the mortgagor's loan or the mortgagor's delinquency or default with the occupant, the mortgagor, or any third party.

Applicable Guidelines. When a Client specifies an Investor/Insurer for work performance on a property, the Investor/Insurer guidelines in effect at the time of Lamb Resources's receipt of the order will be followed unless the Client indicates otherwise. If the Client does not specify an Investor/Insurer, FHA work performance standards will be followed unless otherwise agreed by Client.